Exhibit 10.2
 AGREEMENT OF LIMITED PARTNERSHIP  OF  CWI OP, LP
 Partnership General Partner Special General Partner
    ARTICLE 1.
 Section 1.1 Definitions .
  Act et seq
 Additional Funds Section 4.3.A
 Additional Limited Partner Section 12.2
 Adjusted Capital Account Deficit
 (i)
    
    such deficit shall be decreased by any amounts which such Partner is
obligated to restore pursuant to this Agreement or is deemed to be
obligated to restore pursuant to Regulations Section
1.704-1(b)(2)(ii)(c) or the penultimate sentence of each of
Regulations Sections 1.704-2(i)(5) and 1.704-2(g)(1); and(ii)
    
    such deficit shall be increased by the items described in Regulations
Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6).
 Adjusted Capital Account Balance




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Adjustment Date provided that
 Advisor
 Advisory Agreement
 Affiliate
 Agreed Value Exhibit
A Exhibit A Exhibit A
 Agreement
 Appraisal
 Assignee Section 11.5
 Available Cash
 Business Day
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Capital Account
 Section 6.3
 Section 6.3
   provided that Article 13 Section 1.704-2.
 Capital Contribution
 Capital Proceeds
 Capital Transaction
 Cash Amount
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Certificate
 Change of Control
 Change of Control Event
 Charter
 Code
 Consent Article 14
 Consent of the Limited Partners
 Consent of the Partners
 Constructively Own
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Contributed Property
 Debt
 Deemed Partnership Interest Value
 Deemed Value of the Partnership Interests Section 7.5 divided by provided that
 Depreciation provided however
 ERISA
 Exchange Act
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Fair Market Value provided that provided further that Section 4.3.D provided
 General Partner Interest
 General Partner Net Current Investment Section 5.1.B(2) Section
11.8
 General Partner Priority Return
 General Partner Unpaid Priority Return Section
5.1.A Section 5.1.B(1)
 Gross Asset Value
 Exhibit A provided that Exhibit A
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provided however
 (i)
    
    the acquisition of an additional interest in the Partnership
by a new or existing Partner in exchange for more than a de
minimis Capital Contribution, if the General Partner
reasonably determines that such adjustment is necessary or
appropriate to reflect the relative economic interests of
the Partners in the Partnership;(ii)
    
    the distribution by the Partnership to a Partner of more
than a de minimis amount of Partnership property as
consideration for an interest in the Partnership if the
General Partner reasonably determines that such adjustment
is necessary or appropriate to reflect the relative economic
interests of the Partners in the Partnership;(iii)
    
    the liquidation of the Partnership within
the meaning of Regulations Section
1.704-1(b)(2)(ii)(g);(iv)
    
    at such other times as the General Partner
shall reasonably determine necessary or
advisable in order to comply with
Regulations Sections 1.704-1(b) and 1.704-2;
and(v)
    
    in connection with the grant of an interest
in the Partnership (other than a de minimis
interest) as consideration for the provision
of services to or for the benefit of the
Partnership by an existing Partner acting in
a partner capacity or by a new Partner
acting in a partner capacity or in
anticipation of becoming a Partner.
  provided however
  Immediate Family
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Incapacity Incapacitated
 Indemnitee
 Investments
 IRS
 Limited Partner Exhibit A
 Limited Partner Interest
 Liquidating Event Section 13.1
 Liquidator Section 13.2.A
 Listing Event
 Listed Market Value th
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Loan
 Majority in Interest of the Limited Partners
 Net Income Net Loss
       Section 6.3 Section 6.3
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Net Income from a Capital Transaction
 Net Loss from a Capital Transaction
 New Securities
 Nonrecourse Deductions
 Nonrecourse Liability
 Notice of Redemption Exhibit B
 OP Unit Article 4
 Other Permitted Investment Asset
 Partner Partners
 Partner Minimum Gain
 Partner Nonrecourse Debt
 Partner Nonrecourse Deductions
 Partnership
 Partnership Interest Section 4.3
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Partnership Minimum Gain
 Partnership Record Date Section 5.1
 Partnership Year
 Percentage Interest
 Permitted Transfer Section 11.3
 Person
 Plan Asset Regulation
 Pledge Section 11.3.A
 Property or Properties
 Qualifying Party
 Qualified REIT Subsidiary
 Qualified Transferee
 Redemption Section 8.6.A
 Regulations
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Regulatory Allocations Section 6.3
 REIT
 REIT Requirements Section 5.1
 REIT Share
 REIT Shares Amount Section 7.5 pro rata
 Securities Act
 Special General Partner Interest
 Specified Redemption Date
 Subsidiary
 Subsidiary Partnership
 Substituted Limited Partner Section 11.4
 Tax Items Section 6.4.A
 Tenant
 Tendered Units Section 8.6.A
 Tendering Partner Section 8.6.A
 Weighted Average General Partner Net Current Investment
 ARTICLE 2.
 Section 2.1 Organization
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Section 2.2 Name
  Section 2.3 Registered Office and Agent; Principal Office
  Section 2.4 Power of Attorney
 A
 Articles 11 12 13
 Article 14
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B.
 Section 2.5 Term
 Article 13
 ARTICLE 3.
 Section 3.1 Purpose and Business
 provided however
 Section 3.2 Powers
 provided however
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Section 3.3 Partnership Only for Purposes Specified
 Section 3.1 Section 3.1
 Section 3.4 Representations and Warranties by the Parties
 A
 B
 C
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D
 E
 Exhibit E
 Exhibit F Section 8.6
  E(1) (2)
 flow through entity
 F. Section 3.4
 G.
 Section 3.5 Certain ERISA Matters
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ARTICLE 4.
 Section 4.1 Capital Contributions of the Partners
 Exhibit A Exhibit A Exhibit A Exhibit A Sections 4.3 4.4 10.5
 Section 4.2 Loans by Third Parties
 Section 4.3 provided that
 Section 4.3 Additional Funding and Capital Contributions
 A General Additional Funds Section 4.3 Section 4.3
 B Issuance of Additional Partnership Interests Section 11.2.A provided that Section 4.3.C Section 4.3.B Section 4.3.B Section 5.4 Section 8.6
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C Issuance of REIT Shares or Other Securities by the General Partner Section 8.6 provided that provided further Section 7.4
 D Percentage Interest Adjustments in the Case of Capital Contributions for OP Units pro rata plus Section 4.3.D
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E Reinvestment of Special General Partner Distributions Section 5.1 Section 4.3
 Section 4.4 Other Contribution Provisions
  Section 4.5 No Preemptive Rights
  Section 4.6 No Interest; No Return
  Section 4.7 Profits Interest of Special General Partner
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ARTICLE 5.
 Section 5.1 Requirement and Characterization of Distributions
  A Available Cash
 B Distribution of Capital Proceeds Section 5.1.C Section
5.1.D Section 13.2
 Section 5.1.B(1)
   C Distribution of Capital Proceeds  Listing Event Section 5.1.B Section 5.1.B Section 5.1.C Section
5.1.B(3) Section 5.1.D
 D Distribution of Capital Proceeds  Change of Control Event Section 5.1.B Section 5.1.B Section 5.1.D Section 5.1.B(3) Section
5.1.C
 Article 5
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Section 5.2 Distributions in Kind
 Articles 5 6 10
 Section 5.3 Distributions Upon Liquidation
 Section 5.1 Section 13.2
 Section 5.4 Distributions to Reflect Issuance of Additional Partnership Interests
 Section
4.3.B 4.3.C 4.3E Article 5 Section 5.1 Section 5.4
 Section 5.5 Distribution Limitation
 Article 5
 ARTICLE 6.
 Section 6.1 Timing and Amount of Allocations of Net Income and Net Loss
 Article 6
 Section 6.2 General Allocations
 A. Allocation of Net Income and Net Loss Other Than From a Capital Transaction
 Net Income other than from a Capital Transaction Section 6.3
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Net Loss other than from a Capital Transaction Section 6.3
 Section 6.2.A(1) Section
6.2.A(2) Section 6.2.A(1)
   B. Allocation of Net Income and Net Loss From a Capital Transaction
 Net Income from a Capital Transaction Section
6.2.D Section 6.3
 Section 6.2.B(2)(b) and (c) Section 6.2.B(1)(a) Section 6.2.B(2)(b) and (c)
   Net Loss from a Capital Transaction Section
6.3
 Section 6.2.B(1)(c) Section 6.2.B(2)(a) Section 6.2.B(1)(c)
   C Allocations to Reflect Issuance of Additional Partnership Interests Section 4.3 Section 6.2
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D Allocations Related to a Listing Event Section 6.2.B(1) Section 6.2.B(1) Section 6.2.D Section 6.2.B(1) Section 6.2.E
 E Allocations Related to a Change of Control Event Section 6.2.B(1) Section 6.2.B(1) Section 6.2.E Section 6.2.B(1) Section 6.2.D
 Section 6.3 Regulatory Allocations
 Article 6
 Minimum Gain Chargeback Section 6.2 Article 6 Section 6.3(i) Section 6.3(i)
 Partner Minimum Gain Chargeback Section 6.2 Article 6 Section 6.3(i) Section 6.3(ii) Section 6.3(ii)
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Nonrecourse Deductions and Partner Nonrecourse Deductions
 Qualified Income Offset Section 6.3(iv) Article 6 Section
6.3(iv) Section 6.3(iv) Section 6.3(iv)
 Gross Income Allocation provided that Section 6.3(v) Article 6 Section 6.3(v) Section 6.3(iv)
 Limitation on Allocation of Net Loss Section 6.3(vi)
 Section 754 Adjustment
 Curative Allocation Sections 6.3(i) (ii) (iii) (iv) (v) (vi) (vii) Regulatory Allocations Sections 6.1 6.2
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Section 6.4 Tax Allocations
 A In General Section 6.4 Tax Items Sections 6.2 6.3
 B Allocations Respecting Section 704(c) Revaluations Section
6.4.A
 ARTICLE 7.
 Section 7.1 Management
 A Sections
7.3 11.2 Section 3.2 Section 3.1
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Section 11.2
       provided that
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provided that
        Section 4.3
 Section 8.6
 Exhibit A Exhibit A
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B Section 7.3 11.2
 C
 D
 E
 F
 Section 7.2 Certificate of Limited Partnership
 Section
8.5.A(4)
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Section 7.3 Restrictions on General Partners Authority
 A
 B Section 7.3.D
 C
 D Section 7.3.B
  Sections
4.3.B, 5.4 6.2.C. Exhibit A Exhibit A
 Article 4
    Capital Account
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Section 7.3.D
 E Sections 7.3.B 7.3.D Article 5 Section 13.2.A(4) Article
6 Sections 4.3 5.4 6.2.C Section 7.3.D(2) Section 8.6 Section 7.3.E Section 7.3 Section 11.2.A Section 7.3.E
 Section 7.4 Reimbursement of the General Partner
 A Section 7.4 Articles 5 6
 B provided that Section 7.7
 C provided that Section 8.6 Section 7.5 pro rata
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D Section 4.3
 E Section
7.4
 Section 7.5 Outside Activities of the General Partner
 A Section 11.2 Section 4.3.D REIT Shares Amount Section 7.5.A
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B
 Section 7.6 Contracts with Affiliates
 A
 B Section 7.5.A
 C
 D
 E
 Section 7.7 Indemnification
 A
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Section 7.7 Section 7.7.A Section 7.7 Section 7.7
 B Section 7.7
 C Section 7.7
 D
 E. Section 7.7 Section 7.7
 F
 G Section 7.7
 H Section 7.7 Section 7.7 Section 7.7
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I Section
7.7
 J
 K Section 7.7.K
 Section 7.8 Liability of the General Partner
 A
 B provided however provided that
 C Section
7.1.A
 D Section 7.8 Section 7.8
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Section 7.9 Other Matters Concerning the General Partner
 A
 B
 C
 D
 Section 7.10 Title to Partnership Assets
 provided however
 Section 7.11 Reliance by Third Parties
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Section 7.12 Management Assistance Provided by Special General Partner
  (1)
    
    the strategic planning of the Partnership;(2)
    
    the creation of business plans of the Partnership;(3)
    
    the sale, merger, or the sale of substantially all of the assets, of the Partnership; and(4)
    
    any other matters concerning the Partnership as determined appropriate by the General
Partner and the Special General Partner.
 ARTICLE 8.
 Section 8.1 Limitation of Liability
  Section 8.2 Management of Business
  Section 8.3 Outside Activities of Limited Partners
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Section 8.4 Return of Capital
 Section 8.6
 Section 8.5 Rights of Limited Partners Relating to the Partnership
 A Section 8.5.C
      B
 C Section 8.5
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Section 8.6 Redemption Rights
 A Tendered Units Redemption Tendering Partner
 B Section 8.6.A
 C Section 8.6.E
 D
 E Section 8.6.A 8.6.B 8.6.C Section 8.6.E ab initio
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F Section 8.6.E Section 8.6
       G Section 4.3.B Section 8.6
 H
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ARTICLE 9.
 Section 9.1 Records and Accounting
 Section 9.3 provided that
 Section 9.2 Fiscal Year
  Section 9.3 Reports
 A
 B
 Section 9.4 Nondisclosure of Certain Information
 Sections 9.1 9.3
 ARTICLE 10.
 Section 10.1 Preparation of Tax Returns
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Section 10.2 Tax Elections
  Section 10.3 Tax Matters Partner
 A. tax matters partner provided however
 B
 tax audit judicial review notice partner notice group
 final
adjustment
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Section 7.7
 C
 Section 10.4 Organizational Expenses
  Section 10.5 Withholding
 Section 10.5 Wall Street Journal i.e.
 ARTICLE 11.
 Section 11.1 Transfer
 A. transfer Article 11 Article 11 Section 8.6
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B Article 11 Article 11 ab initio
 Section 11.2 Transfer of the Partnership Interest of the General Partner and the Special
General Partner
 A Section 11.7 Section
11.2
 B
 Section 11.3 Limited Partners Rights to Transfer
 A provided however Section 11.6 Section 11.6 Section 11.6
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Pledge Section 11.6
 General Partner Right of First Refusal Section 11.3
 Qualified Transferee Section 3.4.D Section 11.5
 B.
 C Section
11.3
 Section 11.4 Substituted Limited Partners
 A Section 11.3 Section 11.4
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B Article 11 Section 2.4 Section 3.4
 C Exhibit A
 Section 11.5 Assignees
 Section 11.3 Section 11.4 Article
11 Section 8.6 Article 11 Section 3.4
 Section 11.6 General Provisions
 A. Article
11 Section 8.6
 B Article 11 Section 8.6
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C Article 11
 D Article
11 Section 8.6
 E Article 11 Section
11.2 Section 3.4.E(5) Section 3.4.C
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F Safe Harbors
 Section 11.7 Call Right Attributable to the Special General Partner Interest
 A. Trigger Event Section 11.7.B Section 11.7.C Section 11.7.A
 B Section 11.7
 (1)
    
    non-renewal of the Advisory Agreement upon the expiration of
its then-current term;(2)
    
    termination of the Advisory Agreement for any reason under
circumstances where an Affiliate of the Advisor does not serve as the advisor
under any replacement advisory agreement; or(3)
    
    resignation of the Advisor under the Advisory Agreement.
 C.
 Section 11.8 Put Right of General Partner
 Section 11.8
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ARTICLE 12.
 Section 12.1 Admission of Successor General Partner
 Section
11.2 Article 11
 Section 12.2 Admission of Additional Limited Partners
 A Section 2.4
 B Section 12.2
 Section 12.3 Amendment of Agreement and Certificate of Limited Partnership
 Exhibit A Section 2.4
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ARTICLE 13.
 Section 13.1 Dissolution
 Section 13.1.B Liquidating Event
 A Section 2.5
 B.
 C Section 11.2
 D
 E
 F
 G
 H
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Section 13.2 Winding Up
 A Liquidator
    Section 13.2.A(4)
 B. Section 13.2.A Section 13.2.A
 Section 13.3 Capital Contribution Obligation
  Section 13.4 Compliance with Timing Requirements of Regulations
 Article 13
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provided that Section 13.2.A
 Section 13.5 Deemed Contribution and Distribution
 Article 13
 Section 13.6 Rights of Limited Partners
  Section 13.7 Notice of Dissolution
 Section 13.1
 Section 13.8 Cancellation of Certificate of Limited Partnership
 Section 13.2
 Section 13.9 Reasonable Time for Winding-Up
 Section 13.2
 Section 13.10 Waiver of Partition
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ARTICLE 14.
 Section 14.1 Amendments
 A Section 7.3 Article 14
 B provided that
 C
 Section 14.2 Action by the Partners
 A Section 14.1
 B
 C
 D
 E
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ARTICLE 15.
 Section 15.1 Addresses and Notice
 Exhibit A
 Section 15.2 Titles and Captions
  Section 15.3 Pronouns and Plurals
  Section 15.4 Further Action
  Section 15.5 Binding Effect
  Section 15.6 Creditors
  Section 15.7 Waiver
  Section 15.8 Counterparts
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Section 15.9 Applicable Law
  Section 15.10 Invalidity of Provisions
  Section 15.11 Entire Agreement
  Section 15.12 No Rights as Stockholders
  [the remainder of this page is intentionally left blank]
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IN WITNESS WHEREOF
 General Partner:
    CAREY WATERMARK INVESTORS
INCORPORATED,
a Maryland corporationBy:
    /s/ Thomas E. ZachariasName:
    Thomas E. ZachariasTitle:
    Chief Operating Officer Special General Partner:
    CAREY WATERMARK HOLDINGS, LLC,
a Delaware limited liability companyBy:
    CLA HOLDINGS, LLC, its Managing Member/s/ Mark J. DeCesarisName:
    Mark J. DeCesarisTitle:
    Chief Financial Officer Signature Page to OP Agreement